Information Technology And The Banking Industry

American Express provides an online currency exchange service to its customers and small businesses. To maintain competitiveness, the company must ensure that their service is secure, easy to use and cost effective. There are innumerable and continuous opportunities for the company to take advantage of other companies or businesses that need to manage foreign currency and exchange rates. The opportunities exist in established markets as well as emerging markets. The increase in access and usage of the internet makes it easier to find buyers or suppliers even in remote places ("Online Currency Exchange", 2016).

Information Technology (IT) is a foundation for conducting business today. It plays a critical role in increasing productivity of firms and entire nation. It is proven that firms who invested in IT have experienced continued growth in productivity and efficiency. Many companies' survival and even existence without use of IT is unimaginable. IT has become the largest component of capital investment for companies in the United States and many other countries.

With the ascendency of new algorithmic trading firms with their cutting-edge, technology-driven trading strategies with the goal of earning profits in billions of dollars, HFT has become the wonder-strategy for low-investment, high-profit trading opportunities. Today, nearly seventy-three percent of US equity market's transactions run on HFT ensuring high-liquidity and

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

Digital changes in the banking industry now require that banks offer service options that reflect the technological advances that have taken place in the industry. Consumers no longer expect to spend a lot of time in a bank to find their financial solutions. Banks need to capture customers’ attention by providing extraordinary service and mobile options to differentiate themselves from their competitors. For this reason, a Bank’s computer systems need to reflect its vision if it wants to compete with top institutions, especially if its current system is plagued by legacy databases issues. Relationship Managers need to perform customer needs-assessments that will generate sales at a later time. Without a good onboarding system, a bank is

Nigerian banking industry has become highly ICT-based and is reaping the benefits of technological revolution as evidenced by its application in most of its operations. The objective of this paper was to determine if the Nigerian banks have failed or succeeded in the adoption and use of ICT (see table 2.1). An evaluation of the adoption and use of ICT infrastructures from the periods between years 2000 to 2008 indicated steady growth. It is presumed that as of today, the Nigerian banks may have attained their ICT potentials in their operations, though with some

The key to efficient banking lies in maximizing the use of information technology. The brave new path of tomorrow’s banking will be on the

Research Scholar, School of Management Studies, Vels University, Pallavaram Chennai, India1 Research Scholar, School of Management Studies, Vels

Banking in today’s era is in process of upgrading itself by joining the wave of latest technologies and trends. Currently, it is in the midst of chaos and disruptions and is in process of reshaping its business models to alienate the traditional processes. The driving force for Banks to adopt such changes can be a. Changing customer needs, b. Optimization of cost and Banking Operations, c. Digitization and Automation, d. Streamlining of complex and lengthy processes and e. New competitors in the industry.

Technology has always been a major driver of bringing changes and making things simpler in an auspicious manner. A technological breakthrough has carried major changes particularly from the most recent century. The internet is just one of the contributions of technology that has reshaped practically every component of our lives. With the boom of new technologies such as Internet and mobile phone it reshaped the banking of today from traditional banking to e-banking. Online banking is characterized as the services provided by the banks to its customers through the Internet. (Geyskens, I., Gie1ens, K., and Dekimpe, M.G).

Technology is revolutionizing every field of human endeavor and activity. One of them is introduction of information technology into capital market. The internet banking is changing the banking industry and is having the major effects on banking relationship. Web is more important for retail financial services than for many other industries.

The telecom, banking and regulatory infrastructure varies country to country. Yet none of these important issues seems to be a limiting factor for the banks that are most successful at attracting digital customers and getting them to use these channels. Finalta has run benchmarking studies in the region for the past three years and has identified several trends in Latin American digital banking that this paper

On the other side, IT innovation has increased bank’s competition as well. By integrating IT in the operations, small and relatively new banks has became in a better place to compete with the established and large banks. To provide uninterrupted services, bank need to invest more in call centers and ATM’s. Internet banking requires IT infrastructure integrated with their business strategy to be customer focus.

The change and advancement in technology are a significant factor in the banking business. Technology has led to tremendous improvements in this industry. Since the commencement of this millennium, people have shown great love for their mobile phones (Ozaki 1992). It necessitated the invention of mobile applications (APPs). From the introduction of the mobile banking, APP people rarely go to the banks. All their transactions get done simply by the stroke of a finger. Businesses face a challenge of adapting to changes in the technology sector. Mobile banking either through actual investing or any other means is on the rise.

Internet banking is the act of conducting financial intermediation on the internet. It includes offering of information and selected services through the World Wide Web by banks and other financial service firm. For those who are quite new to the concept of online banking, this type of service offered by banks actually works the same way as traditional banking. The major difference lies in the convenience offered by online banking particularly when it comes to making payments, obtaining updated information of the account, or merging account statements. Rather than personally visiting the local bank, customer can now access their account and perform bank transactions using the computer. At the comfort and